Method for conducting monetary and financial transactions by treating amounts as collections of distinct units of account

Abstract

A method for conducting monetary and financial transactions in an economy by treating amounts as collections of distinct individual, minimal, and indivisible units of account, each of which has a persistent identity and history throughout its lifecycle. A method is disclosed for conducting monetary transactions on the basis of appending the record of relationship between each individual unit of account and its respective owners throughout the lifecycle of the unit. Further, a method is disclosed for identifying the units in binary computer notation and assigning specific informational content to each unit by designating various sub-sections within the binary identifier of each unit to hold specific information and values relevant to the unit.

What is claimed is: 
     
         1 - 3 . (canceled) 
     
     
         4 . A method for recording and transferring of monetary value in digital form, the method comprising:
 generating and storing in memory, by a monetary authority or another financial institution in a monetary ecosystem, a plurality of unique identifiers,
 wherein each unique identifier represents a predetermined monetary value guaranteed by the monetary authority or the financial institution that generated the unique identifier, and 
 wherein each unique identifier is a unique bit sequence containing at least one section of pre-arranged bits, the section of pre-arranged bits assigning specific informational content about the unique identifier that is relevant beyond the unique identifier's predetermined monetary value; 
   interpreting, by a payment processor or another member of the monetary ecosystem, the section of pre-arranged bits of the unique identifier to identify the specific informational content about the unique identifier; and   either accepting or rejecting the unique identifier as a means of payment based on a result of the interpreting.   
     
     
         5 . The method of  claim 4 , wherein the section of pre-arranged bits of the unique identifier identifies the monetary authority or the financial institution that generated the unique identifier. 
     
     
         6 . The method of  claim 4 , wherein the section of pre-arranged bits of the unique identifier identifies information about a range of goods or services for which the predetermined monetary value of the unique identifier can be spent in a monetary transaction. 
     
     
         7 . The method of  claim 5 , wherein the section of pre-arranged bits of the unique identifier identifies a central bank. 
     
     
         8 . The method of  claim 4 , further comprising:
 transferring, in response to accepting the unique identifier as payment, ownership of the unique identifier to a party expecting the payment.